The global plant growth regulators market is expected to grow primarily owing to the numerous applications for plant-growth regulators. Auxins sub-segment is expected to flourish immensely. The market in the Europe region is predicted to grow at a high CAGR by 2031.
NEW YORK, May 11, 2023 /PRNewswire/ -- Global Plant Growth Regulators Market Forecast Analysis:
As per the report published by Research Dive, the global plant growth regulators market is expected to register a revenue of $7,393.50 million by 2031 at a CAGR of 13.9% during the forecast period 2022-2031.
Segments of the Plant Growth Regulators Market
The report has divided the plant growth regulators market into the following segments:
- Type: auxins, gibberellins, cytokinins, absicisic acid, and ethylene
- Auxins- Highest market share in 2021
Auxins are necessary to regulate plant growth, which is expected to augment the growth rate of the market in the 2022-2031 timeframe. - Crop Type: cereals, oilseeds and pulses, fruits and vegetables, turf and ornamentals, and others
- Cereals- Most profitable in 2021
The increasing cereal production in Asian countries such as China and India is owing to major advancements in crop production practices and the expanded availability of high-productivity cereal types is expected to propel the sub-segment forward. - Region: North America, Europe, Asia-Pacific, and LAMEA
- Europe- Significant market share in 2021
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The rise of organic farming and the development of indoor agriculture facilities such as glasshouses and greenhouses are predicted to propel the market in the forecast period.
Dynamics of the Global Plant Growth Regulators Market
The increasing food demand, decreasing amount of arable land, and shifting climatic conditions are expected to make the plant growth regulators market a highly profitable one in the forecast period. Additionally, the demand for higher-quality crops and higher crop yields are predicted to propel the market forward. However, a lack of knowledge among farmers about plant growth regulators might become a restraint in the growth of the market.
Increasing efforts to improve the sustainability of agriculture are predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, plant growth regulators' capacity to decrease lodging in intensive cereal production, manage shoot heights, and enhance latex flow in rubber plants are expected to propel the plant growth regulators market forward in the coming period.
COVID-19 Impact on the Global Plant Growth Regulators Market
The COVID-19 pandemic caused economic losses and reduced demand for plant growth regulators due to disruptions in the supply chain and manufacturing. Agricultural activities and associated industries were significantly impacted, but plant growth regulators were relatively unaffected as agrochemical activities were deemed essential. However, companies have been working with lower operating capacities and employees to meet COVID-19 protocols, resulting in a decrease in production. All these factors adversely affected the market growth amidst the pandemic.
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Key Players of the Global Plant Growth Regulators Market
The major players of the market include
- BASF SE
- Bayer Crop Science
- Corteva Agriscience
- Crop Care Australasia Pty Ltd.
- Barclay Crop Protection
- Sumitomo Chemical Australia Pty Ltd.
- NuFarm Ltd.
- Redox Industries Ltd.
- Xinyi (H.K.) Industrial Co. Ltd.
- Sichuan Guoguang Agrochemical Co. Ltd.
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in March 2023, Sumitomo Chemical India Ltd., an Indian corporation that primarily manufactures and sells agricultural pesticides and others, launched Promalin®, a long-awaited Biorational product, in Shimla, Himachal Pradesh. Promalin® is a 9 (3) product developed by Valent Biosciences, Illinois, USA, a part of Sumitomo Chemical Corporation, Japan, after considerable research.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Global Plant Growth Regulators Market:
- How Plant Growth Regulators Help Agriculture and Horticulture Fight Modern-Day Challenges?
- Global Plant Growth Regulators Market to Generate $7,393.50 Million by 2031 Due to Increasing Adoption of Sustainable Agricultural Practices
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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